The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-18

l ADoNAFzA IN CoTTpN SEED.-Messrs Fred
Oliver and II. G. Butcher win leave Columbia
for Houston, Texas, to locate the cite for one Of
| the FIRST ofthe oil mills TO be established by
the Southern Cotton Oil Company. Journey
ing In this direction they will select sites for
the, other mills which tits proposed to put up
this year. MrsJohn Oliver in conversation
with q representative Of the News and Courier
tonight said: A1
The mills to DO built by the Southern Com
pauy will each hare cnpacity of $50 tons of
Cotton seed daily, or $4,000 tons a year, the
product Of $4,000 bsfe,. The size of these
projected mills may be jadged by the fact that
the present Colum bi . mill, now controlled by
ths Oil Trust monoS oSSiy, .hss d daily capacity Of
seventy i've tons, and yet is able to consume as
much seed as any mill cast of the Mississippi.
The eight mills to be built this year will cost
S125,00O each, making the outlay of the Com
pany million dollars in 1887.
AS has already been stated, the special ma
chinery required for additional mills cannot
be turned out this year. Mr. Oliver gave some
Interesting information as to the method of
organizing the new company. The capital
stock was fixed at 5000 900 Each of the
half dozen individuals and firms organizing the
company subscribed for certain quantity of
s'ock' upon the agreement that proportion Of
from one-half to two-thirds thereof w,s to be
appropriately placcl by:,hem.
'The amount of money actually contributed
by the organizers will be about $4,000, 900.
That sum represents the present minimum
amount Of cash capital. Tho organizers will
offer onehalf or two-thirds uf the So OOo, 900 of
stock subscribed for to the planters and business
men Of the South, so as to enable them to con-
troll the organization. if they wish to do so.
No stock will be issued until it is paid for. If
the South does not take this portion of the
stock it will be sold to Northern parties who
are now applying for it, and who will enter tho
company in good faith.
at is so to be legitimate business enter
prise, relying for its success upon its superior
economy in the manufactures and the good
will Of the Southern planters. Mr. Oliver
says that each mill should have 500, 900 work.
ing capital, which would bring the invest
ment in each up to 1925, 5,OOO Residents of
each city where mill is located will have the
option of taking part of the stock in it, even
majority. This will give local interest and
confidence. Mr.. Armour having affirmed aud
denied in order to affect the stock market and
mako the money, which he is believed to have
Inads s5sas-settssazdow now andSwants to come
into the company but he is not wanted any
more, Is showed his cv,ors too soon Antic-
ipating as q result of the competition higher
prices for cotton seed and lower prices for oil,
Mr. Oliver is nevertheless sure that from 20
to 20 per cent. annual profit will be made by
the Southern Company. He has it figured
down closely. The public have little ide. what
enormous profits the Oil Trust is making in the
business. 1t is too big bonanza for expert
enced men like the divers to be crowded out
Of The Neos and Courier representative
showed Mr., Oliver letter from the Hon. @.
b. Lartigue, of Blackville, urging the advanta-
ges Of that town site for one Of tho mills
he stated that he was receiving great numbers
of such letters, but that the location Of the
mills must be decided first by the transporta-
ton advantages offered, and second by the
facilities given for competition ON super or terms
with the Oil Trust railroad centres, where the
Oil Trust Mills were antiquated and iueffi cient.
would be selected first. Charleston was good
point. He knew Of no better cite for o mill
than Columbia, but the fact that the Oil Trust
mill here was one ofthe newest and best equip
ped in the country. would make this city one
Of the last places to be attacked by the South
ern Company."-N..G. G., to Neps and Courier.